FxWirePro: EUR/CHF snaps 4-day losing streak, upbeat Eurozone PMI prints lend support

EUR/CHF chart - Trading View 

EUR/CHF snaps 4-day losing streak and was trading 0.06% higher on the day at 1.1032 at around 05:30 GMT.

The shared currency was supported by Wednesday's final Eurozone PMI prints, which showed that business activity bounced back to growth in March. 

Further, optimism led by reports that Germany, France, Italy, and Spain will have sufficient supplies to vaccinate at least 57% of their populations by the end of June, earlier than projected boosted sentiment supporting the pair higher.

Major trend in the pair is bullish. However, weakness seen on the intraday charts. Bearish 5-DMA crossover on 20-DMA adds to the downside bias. 

Price action has slipped below 200H MA and recovery attempts remain capped below 21-EMA which is stiff resistance at 1.1042.

The pair has been extending sideways on the weekly charts as upside remains capped at 200W MA resistance.

Stochs and RSI are biased lower. Close below 21-EMA on Wednesday's trade is likely to drive some weakness. 

Supports on the downside are seen at 1.10 (Lower BB), 1.0977 (55-EMA and cloud top), 1.0905 (110-EMA). On the flipside, resistances align at 1.1042 (21-EMA), 1.1048 (5-DMA), 1.1053 (20-DMA)

Upside lacks traction. Scope for dip till 1.0980 levels. Breach at cloud support will open downside.